Down Payment Assistance Program

HOMEOWNERSHIP – “THE AMERICAN DREAM” DOWN PAYMENT AND CLOSING COST ASSISTANCE AVAILABLE NOW!

The Rockwall Housing Development Corporation has funds available on a first-come, first serve basis to assist low-income homebuyers purchase a home within Rockwall County. Qualified homebuyers can receive up to $20,000 in a deferred, 0% interest second lien loan to help pay for down payment. This Program is being managed by Hunter & Hunter Consultants, Inc.

DO YOU QUALIFY?

Your household income must not exceed the income shown on the chart below:

Family Size

1

2

3

4

5

6

7

8+

Maximum Income

$37,800

$43,200

$48,600

$54,000

$58,350

$62,650

$67,000

$71,300

You must obtain a fixed rate, first lien mortgage and complete an approved homebuyer training course

Mortgage loan must have a fixed interest rate. Subprime loan products, Adjustable Rate Mortgages and Balloon Notes are not allowed. Loan to Value ratio must be at or below 100%

Permanent interest rate buy downs are allowed

You must purchase a home located within Rockwall County

The sales price limit for an existing home is $146,000 and$195,000 for a newly constructed home. Each home must pass a Housing Quality Standards inspection

Monthly mortgage payment (including PMI) must not be less than 20% of the total household monthly income calculated on a 30 year fixed rate basis. Mortgage payment and monthly debt must be no more than 45% of total household income.

You make no monthly payments on the up to $20,000* loan and, if you live in the home for ten years,* the loan will be FORGIVEN